Summary: “Provides a brief explanation about what a recession proof franchise is, and a list of industry categories that are considered recession proof.”
Because of the major economic crisis we are currently experiencing their has been a heightened interest in business opportunities and franchises that have the right stuff to weather and potentially thrive during this stormy environment. Recession proof franchises are businesses that traditionally offer products and services that consumers and business owners just can’t (or wont) live with out. The demand for these types of non-discretionary products and services is fairly consistent because they are considered necessary to run a household or successful business even during a major economic downturn.
Below are a few franchise business categories and industries that are traditionally considered recession proof:
Automotive Services: When consumers hold back on making new car purchases during tough economic times, the repair and maintenance of their current vehicles generally becomes the priority. Auto service franchises such as car repair, oil & lube, and even tire centers tend to do well, and in many cases thrive, during recessionary times because of this market dynamic.
Tax Preparation Services: Well you know the old adage about the certainty of death and taxes. We may be in a recession, but regardless we still have to pay our taxes every year. Tax preparation franchise opportunities like Liberty Tax Service even actively promote their business model as a recession proof business, and I can’t argue with that claim or the continued growth of this industry even during a recession.
Senior Care: With life expectancy on the rise and the advent of approximately 70 million baby boomers set to retire in the next 2 decades, the senior health care looks industry like a safe bet for very strong growth going forward. Dozens of senior care related franchises have emerged to service this niche already, and it seems likely that an even a severe economic downturn will not deter families from providing care for their loved ones.
Hair Care: Getting your hair cut by a professional at a low cost “no appointment style” hair salon franchise like Great Clips or Fantastic Sams has always been an affordable convenience that most consumers will continue to use even during a recession. Plus it has been stated and validated many times that keeping up appearances regardless of the state of the economy is not an option for many consumers.
Disaster Restoration Services: This is another industry that traditionally holds up very well during a recession because it is a non-discretionary and a vital emergency service that home and business owners may need because of damage created by a fire or flood.
You can research a number of recession proof franchises and business opportunities here.